ORE RESOURCES LIMITED — Capital/Financing Update 2021

Jan 28, 2021

ASX ANNOUNCEMENT

29[th] January 2021

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CORNERSTONE INVESTOR GROUP UNDERPINS FURTHER EXPLORATION FUNDING

Highlights

• A further ~11.1 million options have been exercised at $0.10 each predominantly by long-term investors and many of the Top 20 shareholders

• An additional 2 million options have been exercised at $0.12 each well before their expiry date in 2023

• This represents an endorsement of the Company and its projects by high-net-worth investors, many of which have been involved since the IPO

• With aggressive exploration programes planned across all three of Auroch’s high-grade nickel sulphide projects in WA, this ~$1.3M capital contribution helps underwrite the Company’s’ budgeted cash requirements until Q3 2021 and beyond

• The Company expects near full exercise of its 39.7 million outstanding $0.10 options (representing a further $3.97M) while “deep in the money” and approaching expiry in November 2021, further solidifying the Company’s cash position

Auroch Minerals Limited ( ASX:AOU ) ( Auroch or the Company ) is pleased to announce another large tranche of option conversions predominantly by a group of key cornerstone investors to contribute approximately $1.3 million to the working capital of the Company.

The group of key cornerstone investors comprise long-term sophisticated investors with significant investment and minerals experience, many of whom were original investors in the Company’s IPO and are currently Top 20 shareholders.

This continued support via the conversion of these options well ahead of expiry further endorses the Company’s strategic portfolio of high-grade nickel sulphide projects in Western Australia in one of the most nickel-endowed regions globally.

The capital raised through the exercise of these options builds on the Company’s existing strong cash position of $3.2M[1] and provides the funding for the aggressive exploration programmes scheduled for this year, allowing management to focus on existing drill programmes, further target definition, resource modelling and possible JV/Offtake opportunities.

The Company looks forward to receiving further tranches of $0.10 option conversions prior to their expiry in November 2021. This will remove any medium-term cash risk and provide the Company with sufficient funding for planned exploration and resource drilling, leading towards our goal of JORC(2012) - compliant resource estimates for all three nickel sulphide projects by the year’s end.

Auroch Managing Director Aidan Platel commented :

“ We are very pleased by the strong show of support from such a core group of our shareholders, which is a great endorsement to the Company itself and to its portfolio of high-grade, high-potential nickel sulphide assets in WA.

1 As at 31 December 2020, refer to ASX Announcement – QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2020 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02334176-6A1017124?access_token=83ff96335c2d45a094df02a206a39ff4

ASX ANNOUNCEMENT

29[th] January 2021

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This inflow of capital combined with our existing cash balance puts Auroch in a great position to carry out the aggressive exploration programmes scheduled for 2021 as well as develop and build upon the high-grade resources at all three of our nickel sulphide projects as we move towards scoping studies and possible development.”

This announcement has been authorised by the Board of Directors of the Company.

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For further information visit www.aurochminerals.com or contact:

Aidan Platel

Managing Director

E: aplatel@aurochminerals.com

Competent Persons Statement

The information in this report that relates to exploration results, other than the aeromagnetic survey data contained in Figure 4, for the Nepean Nickel Project was reported by Focus Minerals Ltd to the ASX on 2 April 2008 under JORC Code 2004 (see https://www.asx.com.au/asxpdf/20080402/pdf/318c2ckxsl90y7.pdf). The exploration results are not reported in accordance with the JORC Code 2012 and a Competent Person (as defined in the JORC Code 2012) has not done sufficient work to classify the Exploration Results in accordance with JORC Code 2012. The information in this report that relates to Exploration Results is based on information compiled by Mr Aidan Platel and represents an accurate representation of the available data and studies for the project. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ ("JORC Code 2012"). Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Auroch Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Auroch Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.